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Dave Johnson's Blog

By Dave Johnson | Broker in Napa, CA

Wow! The excitement continues!



The excitement continues! May “in contract” purchases rebounded from a slight dip in April to a very strong May. This May was almost 70% ahead of May last year and continues a robust trend that has now spanned four continuous months.

 

In the news we hear about the “double-dip” in real estate sales, but it’s not happening here in Napa. After four months of strong sales growth, I am ready to say that this is not a fluke or a flutter; it is a growth trend for Napa.

 

The inventory of foreclosed homes remains steady at a reasonable level, now under 10%. Short sale listings are down this month but remain at about 15% of inventory of homes for sale.

 

Over the last three months sales under $300,000 have declined, probably due to a decline of inventory in that range due to fewer short sales and foreclosures. Sales in the $300,000 to $500,000 have remained steady, and sales over $500,000 have remained above levels of a year ago.

 

These are all signs that Napa real estate is trending positively.

 

Please call or email me if you would like a personal assessment of the market, or of your home’s value, or your buying opportunities.

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